Here, the downwards movement that happened last week has put an end to the recent sideways movement that was seen in the market. From May 9 to 22, the market consolidated in the context of a downtrend, and at last, there was a breakout in favor of sellers. This has really put more emphasis on the Bearish Confirmation Pattern in the market, coupled with the weakness in EUR.
This week, the demand zones at 127.00, 126.50, and 126.00 may be reached. There could be occasional upwards bounces along the way, but the price is expected to continue going downwards. There is now a Bearish Confirmation Pattern in the market.
The material has been provided by InstaForex Company – www.instaforex.com
EUR/JPY
Here, the downwards movement that happened last week has put an end to the recent sideways movement that was seen in the market. From May 9 to 22, the market consolidated in the context of a downtrend, and at last, there was a breakout in favor of sellers. This has really put more emphasis on the Bearish Confirmation Pattern in the market, coupled with the weakness in EUR.
This week, the demand zones at 127.00, 126.50, and 126.00 may be reached. There could be occasional upwards bounces along the way, but the price is expected to continue going downwards. There is now a Bearish Confirmation Pattern in the market.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: